Sinopec Kantons to raise up to $353 mln in share offering-terms
HONG KONG May 2 (Reuters) - Sinopec Kantons Holdings , a logistics and trading unit of state-owned Sinopec, plans to raise up to $353 million in a stock offering, according to a term sheet of the deal seen by Reuters on Thursday.
The company is offering 412.5 million new shares in an indicative range of HK$6.36-6.63 each, equivalent to a discount of as much as 7 percent to the close on Thursday. That would put the total deal at HK$2.73 billion.
The sale was done through a so-called top-up placement, with Sinopec Kantons controlling shareholder initially selling existing shares and subscribing to the same number of new shares at the same price being issued by Sinopec Kantons.
Bank of America Merrill Lynch, JPMorgan and Nomura Holdings were hired as joint bookrunners on the deal, the term sheet said.
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